Global gold prices surged above US$4,700 an ounce as Vietnamese buyers flocked to gold shops amid an unusually low domestic premium.

While many Asian markets rushed to accumulate gold, demand in Vietnam fell to the lowest level in the region. High prices and limited supply pushed investors toward gold rings instead of bullion bars.

The gold market has experienced unpredictable developments in the first four months of 2026, with prices plunging sharply after hitting a peak in late January.

Gold prices have fluctuated over the last few days, and though they have since moved back in sync, the price gap remains high.

The Vietnam Gold Business Association highlights inconsistencies in tax policy and anti-money laundering rules affecting operations.

Eleven enterprises and credit institutions have submitted applications to be licensed for gold bar production and raw gold imports, as Vietnam’s central bank intensifies efforts to stabilize the gold market.

New transaction forms such as “appointment slips,” “pay now – receive later” deals, and “promissory notes” are emerging in the gold market, with most of the risk shifting to buyers and sellers.

Hanoi police have prosecuted the founder of Bao Tin Minh Chau over alleged accounting violations, uncovering large discrepancies in reported revenue and tax obligations.

After a temporary shutdown linked to an ongoing investigation, Bao Tin Minh Chau has resumed operations while past violations resurface.

Domestic and world gold prices have just dropped sharply, with the gap widening to nearly VND 30 million per tael. Experts believe that gold prices may bounce back, but investors need to be cautious.

Long lines formed at gold shops in Hanoi and Ho Chi Minh City as buyers rushed to purchase after a slight price drop.

Those who bought gold on God of Wealth Day in 2025 have gained a profit of about VND91 million per tael to date, while buyers of gold seven years ago have seen profits go much higher.

The Ministry of Finance has defended its plan to impose a 0.1% tax on gold bar transactions from July 1, 2026, saying the measure is designed to curb speculation and stabilise the market without harming legitimate interests.

Prime Minister Pham Minh Chinh’s directive to put a national gold exchange into operation as early as February is not merely a response to recent volatility in gold prices.

Global gold prices have continuously hit new peaks, while domestic prices in Vietnam have heated up following international trends. The accumulation trend and a weakening USD are paving the way for gold prices to approach the VND190m per tael mark.

Gold prices surged, then fell steeply, leaving many investors who bought in at $7,700 per tael anxiously fearing heavy losses. Yet demand remained relentless, with people lining up from as early as 3 a.m. to buy gold.

Long queues and sold-out signs are back at gold shops across Vietnam as SJC prices surge to record highs, fanning both hope and fear among investors.

Gold prices have continued to hit new highs, delivering strong returns. However, selling gold to invest in real estate at this time requires careful consideration between profitability and long-term safety.

As part of urgent 2026 growth measures, the Prime Minister requests a comprehensive report on establishing a centralized gold exchange.